At a Glance Q3 2023

Office market Hamburg

Büromarkt Hamburg


By the end of September 2023, a take-up of 321,000 m² had been registered on the Hamburg office market, of which around 98,000 m² is attributable to the third quarter. The market in the Hanseatic city thus presents itself as quite dynamic in a nationwide comparison and, with the current result, once again underlines its resilience even in economically challenging times. However, the weak economic trend combined with the ongoing debate surrounding the issue of home offices has led to a considerable slowdown in letting activity. Compared with the very strong prior-year period, a decline of 28% has to be reported, and the 10-year average was also missed by a good 14%. It is primarily lettings beyond 5,000 m² that the market lacks for a better result. By contrast, letting activity for rental space between 1,000 and 5,000 m² remained at a good average level overall.


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